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Chapter V: Patrimony and Economic System (art. 24-37)

  • 24. ARTICLE.- The Foundation's patrimony shall be composed of all kinds of property, with no other limits than those established by law.
  • 25. ARTICLE.-The Foundation's Capital and Patrimony will be composed of:
    1. A)  The initial endowment established in the Foundation's deed:
      1. 1.- Mr. José Miguel de Barandiarán's contribution of royalties of all his works and publications in accordance with the legislation in force, his niece Mrs. Pilar Barandiarán having the use of them during her lifetime.
      2. 2.-The contribution of Eusko Ikaskuntza-Sociedad de Estudios Vascos, that is to say:
        1. a) The trade name and publishing subjects of the publication "Anuario de Eusko Folklore".
        2. b) The annual grant "José Miguel de Barandiarán" which, under the patronage of the Diputaciones Forales of Alava, Biscay and Gipuzkoa and the Gobierno Foral de Navarra, promotes and manages Eusko Ikaskuntza-Sociedad de Estudios Vascos.
    2. B) Any other property or rights that the Foundation acquires freely or onerously henceforth, belonging to public or private bodies or to individuals, subventions, donations, inheritances or legacies. It will be necessary to have the previous express consent of the appropriate Body to accept inheritances or legacies which are not under the benefit of inventory as well as donations and legacies which are not tax-free.
  • 26. ARTICLE.- It is an essential condition of this Foundation, according to its Foundation members' wishes, that its properties and profits are invested as determined by the Patronage, protecting its patrimony against any attempt to transfer or modify it.
  • 27. ARTICLE.- Profits and incomes of the Foundation's capital and patrimony, as well as grants from public or private bodies and from individuals are assigned to the fulfilment of the Foundation's goals.
  • 28. ARTICLE.- Real estate if there is any, shall be registered as belonging to the Foundation in the Land Register; other properties subject to register shall be included in the appropriate Registers. Public funds and industrial, commercial and personal properties shall also be counted as belonging to the Foundation and their profits deposited in banks.
  • 29. ARTICLE.- To alienate or tax real estate or industrial or commercial establishments belonging to the Foundation, the previous consent of the appropriate Body will be necessary.
  • 30. ARTICLE.- Given the case that the Foundation intends to sell other properties, arrange credit operations or acquire real estate whose price exceeds 50% of the annual ordinary income, articles 31 to 33 of the 21st of July 1972 Acts will be applied.
  • 31. ARTICLE.- Concerning the accounts, the Foundation will conform with what is established in the Private Cultural Foundations Acts.
  • 32. ARTICLE.- The financial year will be annual and will run at the same time as the natural year.
  • 33. ARTICLE.- For each financial year, the Foundation will prepare an ordinary budget which will reflect the income and expenditure hereof.
  • 34. ARTICLE.- Administration or overhead expenses shall not exceed, as a rule, 10% of the annual ordinary income collected by the Foundation by any means. Exceptionally and with the previous consent of the Protectorate, the amount of the administrations costs shall exceed that 10% established, although it shall not exceed 20% in any case.
  • 35. ARTICLE.- Extra repairs or improvements on properties and equipment shall only be carried out according to the extra budget which will be drawn up to that end. This budget will include as expenses, apart from those concepts established by it, those caused by financial operations carried out, in that case, to balance this budget.
  • 36. ARTICLE.-The ordinary and extra budgets of the Foundation, shall always be balanced. The four first months of the financial year, the Foundation will put together the ordinary budget settlement and the balance sheet for the previous year, as well as a report on the activities carried out every financial year and a report on the economic management. This report will also specify the changes on the investment of the constituent patrimony and on the Patronage members. The way in which the duty to give enough publicity to the Foundation's objectives and activities has been fulfilled, shall also be specified in the report.
  • 37. ARTICLE.- The Foundation shall send to its Protectorate, two copies of the ordinary budget settlement of the previous year, of the balance sheet and of the report, enclosing a certificate guaranteeing that those documents are a true and fair view of the accountancy records.